NEW YORK (REUTERS) – Morgan Stanley, Fidelity Investments, Citadel Securities and a host of other financial companies plan to launch a low-cost bourse that will compete with the New York Stock Exchange and Nasdaq. Brokers and traders have complained for years about what they say are unjustifiably high fees charged by the big US stock exchanges for data on stock trades. The news of the new exchange on Monday (Jan 7) pushed down the share prices of the parent companies of the NYSE and Nasdaq. “The announcement is the latest salvo in the on-going fee battle between exchanges and other market participants, and one which should be taken seriously at least from the perspective of the potential earnings pressure on existing exchanges,” said Nathan Flanders of Fitch Ratings. In a joint statement on Monday, the companies creating the new exchange said it would look to increase competition, improve operational transparency, reduce fixed costs and simplify equity trading in the United States. Data fees are one of the biggest costs for brokers. The venture will be called Members Exchange, or MEMX, and will be funded and controlled by nine institutions: Bank of America Merrill Lynch, Charles Schwab Corp, E*TRADE Financial Corp,… Read full this story
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